Anyone?
Who here loves crypto currency? What do you lovethe most and why?
| Source: | Irá Freeman |
| Published: | Feb 16, 2021 |
| Author: | Irá Freeman |
| Post Date: | 2021-02-16 23:59:12 by Ira Freeman |
| Views: | 882 |
| Source: | Irá Freeman |
| Published: | Feb 16, 2021 |
| Author: | Irá Freeman |
| Post Date: | 2021-02-16 23:59:12 by Ira Freeman |
| Views: | 882 |
Anyone?
#1: Ira Freeman To: All (#0)
Ira Freeman posted on 2021-02-17 00:04:29 Reply Private Reply
#2: Pinguinite To: Ira Freeman (#1)
Pinguinite posted on 2021-02-17 01:05:47 Reply Private Reply
#3: Darkwing To: Ira Freeman (#0)
Darkwing posted on 2021-02-17 06:35:35 Reply Private Reply
#4: Ira Freeman To: Pinguinite (#2)
Ira Freeman posted on 2021-02-17 07:09:20 Reply Private Reply
#5: Pinguinite To: Ira Freeman (#4)
Bitcoin is of course king but only because it's the first and it has major shortcomings, the leading one being the cost of transfers right now. Even Ethereum, #2, is starting to have that issue though it may be fixed soon. Cost of xfers will certainly make the major alt coins more attractive.
In competing with CCs and such, EOS is one that brags it can do so in both transaction speed and volume making it usable in a retail setting. Retail usage capacity is a must for any crypto that is going to have a long term future, IMO.
But the general advantages of crypto over the printed dollar are significant, #1 being decentralization and a removal of any privileged party to print as much money as they desire. Of course Bitcoin was born out of the fiscal abuses of the 2008 financial crisis where gross irresponsibility and greed by big finance institutions that were fleecing the public with bad mortgage deals when anyone could get a home loan no matter whether they could afford it or not, no money down, and when things blew up, the US gov kindly saddled the tax payers with the bailouts and rewarded the very banks that created the mess.
With free-market, proof of work crypto, centralization is gone, and that's a good thing.
Pinguinite posted on 2021-02-17 08:50:43 Reply Private Reply
#6: Ira Freeman To: Pinguinite (#5)
Ira Freeman posted on 2021-02-17 12:18:15 Reply Private Reply
#7: Pinguinite To: Ira Freeman (#6)
Ethereum, the #2 crypto after BTC in market cap, is much more advanced, but still kind of expensive and that with a relatively low price about 1/30th, compared to BTC. I.e. if ETH was pushing $52000 instead of $1800, it's xfer costs would be more than what BTC charges now at 52k. I understand that should be fixed, but for the moment, it's a problem. Bitcoin cash is very cheap to xfer but still not fast enough. Litecoin is a good option with xfer fees of about 10 cents.
As mentioned, EOS claims to have solved both speed and volume challenges but it's not a proof of work crypto, but rather a proof of stake token, not minable. It's also debatable as to how decentralized it is as there are only 24 nodes handling all transactions, chosen by some voting system. The relatively few nodes is the key to it's speed and volume capabilities.
A successful general purpose crypto must be able to do transaction volumes of Visa & MC, which I understand is some 20k/second, complete those transactions within seconds, and still be cheap enough to make buying a donut cost effective.
Pinguinite posted on 2021-02-17 18:53:57 Reply Private Reply